Goeasy (TSX:GSY) is a Mississauga-based company that provides non-prime leasing and lending services to Canadian consumers. These services have grown in popularity as the country-wide debt burden has ballooned in recent years. Shares of goeasy have plunged 29% in 2022 as of late afternoon trading on April 12. This has pushed this top Canadian stock into negative territory in the year-over-year period.
The company released its fourth quarter and full-year 2021 results on February 16, 2022. Goeasy’s loan portfolio increased 63% from the prior year to $2.03 billion. In Q4 2021, loan originations increased 52% from the previous year to $507 million. Meanwhile, adjusted quarterly diluted earnings per share climbed 23% to $2.76.
For the full year, goeasy delivered adjusted diluted EPS growth of 38% to $10.43. Revenues rose 27% to a record $827 million. Goeasy also provided outlook for the years ahead. It is projecting total company revenue between $970 million and $1 billion for fiscal 2022. Goeasy expects this to grow between $1.24 billion and $1.28 billion by the end of fiscal 2024. Investors should be eager to get in on this developing growth story.
Goeasy delivered its eight consecutive annual dividend increase. It now offers a quarterly distribution of $0.91 per share, which represents a 2.9% yield. This Canadian stock possesses a very attractive price-to-earnings ratio of 8.4. I’m looking to snatch up this promising dividend aristocrat at a discount in the early spring of 2022.
